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Canadian Banks Routing/Transit Number
A Routing Number/Transit Number is used while doing financial transactions. Routing Number identifies the beneficiary financial institution and the branch to which a payment is being initiated. Routing/Transit Number is essential for making payments through the clearing system. There are two types of Routing Numbers used in Canada.
There are two types of Routing Numbers used in Canada.

1. EFT Routing Number: EFT stands for Electronic Fund Transactions. EFT Routing Number is a three digit financial institution number and a five digit branch number, preceded by a leading zero.
Example : 000137149
Leading zero: 0
Institution Number: 001
Branch Number:7149

2. Transit Number (MICR)
Magnetic Ink Character Recognition(MICR), is a character recognition technology used by the banking industry to facilitate the processing of cheques. Routing Number can be found at the bottom of the cheque.
Example : XXXXX-YYY
XXXXX : Branch Number
YYY : Institution Number
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What is SWIFT Code/BIC Code?
Society for Worldwide Interbank Financial Telecommunication(SWIFT) has defined standard format of Business Identifier Codes which is called as SWIFT code or BIC Code. It acts as a unique identification code for both financial and non-financial institutions. Swift code is used while transferring money between banks, particularly for international wire transfers, and also for the exchange of other messages between banks. SWIFT handles the registration of SWIFT codes across the world. Read more..